“Every truth passes through three stages before it is recognized. In the first, it is ridiculed. In the second, it is opposed. In the third, it is regarded as self evident.” – Arthur Schopenhauer
A solid follow-through day for markets and leading stocks picked up well on Wednesday also.
I’ve not seen a ton of buy points recently but those who were setup for a breakout that we bought are moving very nicely like Baidu Inc (O:BIDU), Facebook Inc (O:FB) and Netflix Inc (O:NFLX).
Until we see the S&P breakout into new highs on heavy volume, this will remain a traders market so I’m swing trading with the exception of O:BIB which let me hold on during this correction and I’d love to hold it for a longer-term trade.
N:SPY broke well Wednesday and moved above the 207.50 level nicely.
Tuesday’s outside reversal bar saw follow-through today and that is fantastic to see.
I’m back into stocks quite heavily but in only a few leading names this time rather than ten or so stocks which is much harder to keep track of.
Oversold readings are back near neutral but these bounces usually run further so we should have a couple or few more days before we see consolidation or another small correction.
Resistance remains above at 210 and 112.50.